Tuesday, February 5 2019 19:57

ArmInfo. In Armenia, the  slowdown in the growth of public debt while reducing the rate of  migration kept the specific debt burden per capita at the level of $  2.3 thousand.  Of these, $ 1.9 thousand, as in the previous year,  comes from external debt. In 2018, the population of the Republic of  Armenia decreased slightly, from 2.973 million to 2.965 million.The  extent of foreign debt coverage with foreign exchange reserves  decreased in 2018 from 42.1% to 40.6%, amid a strong slowdown in the  growth of external debt with the reversal of reserves dynamics from  5% growth to 2.8% decline.

 The share of the state debt in Armenia's GDP, judging by the GDP  growth expected for 2018 (Central Bank forecasts 4.6-5.1%, the  government - 5.2-5.3%, and the actual statistics have not yet been  published), according to the results of 2018 it may exceed 60%,  against the actual 58.9% in 2017. Meanwhile, the World Bank predicted  for 2018 the share of state debt in Armenia's GDP at the level of  56.6% with a subsequent decrease in 2019 to 55.4% and in 2020 to  55%.According to preliminary data of the RA Ministry of Finance,  published by the Statistics Committee, the growth of the state debt  of Armenia by 2018 by 2.2% to $ 6.923 billion (3.349 trillion drams)  is due to the growth of both external and internal debt. In  particular, foreign debt increased by 0.7% in 2018 to $ 5.533 billion  (2.677 trillion drams), while domestic debt grew by 8.6% to $ 1.390  billion (672.4 billion drams). As a comparison, we note that in 2017,  the growth rates of these indicators were higher: external debt - by  14.6%, domestic - by 18.2%, which increased the total national debt  of Armenia by 15.3%.In the structure of external debt, the  government's share in 2018 increased from 89.1% to 90.1%, reaching $  4.983 billion. And the share of the Central Bank, on the contrary,  decreased from 10.9% to 9.9%, reaching $ 550.05 million. In 2018, the  government's external debt slowed growth to 1.8%, and the Central  Bank's external debt turned its dynamics towards a decline of 8.6%,  while in 2017 high growth rates were recorded - 14% and 19.2%,  respectively.In the structure of the internal public debt, government  bonds dominate - in 2018 the share decreased from 87.2% to 86.9% ($  1.2 billion or 584.5 billion drams), with an annual increase in the  absolute value of 8.3%. Then follow the Armenian Eurobonds - $ 172.7  million or 83.6 billion drams, the share of which increased in 2018  from 12.1% to 12.4%, with an annual increase in the absolute value of  11.3%.

 The rest is accounted for by guarantees - 0.7% ($ 9 million,  unchanged for the year). As a comparison, we note that in 2017, the  volume of government bonds in domestic debt increased by 7.9%,  Eurobonds - by 62.2%, and guarantees - by 28.6%.Recall that by  January 1, 2018, the total national debt of Armenia amounted to 3.3  trillion drams or $ 6.8 billion, in the structure of which external  debt - 2.7 trillion drams or $ 5.5 billion, and domestic - 619.5  billion drams or $ 1.3 billion. , 2% to 5%, amounting to $ 2.3  billion, with the main increase in the fourth quarter - 10.5%. In  2011-2018, the population of Armenia decreased by309.2 thousand  people (from 3.274 million in 2011).